Bulgaria’s Finance Ministry Says They Are Exploring Crypto Payments

Bulgaria’s Finance Ministry says the government is exploring crypto payment options but it did say that the country won’t become the major hub for miners as they are fleeing the countries like China and Kazakhstan as we are reading more in today’s crypto latest news.

Bulgaria’s Finance Ministry and deputy prime minister for EU Funds and Finance Assen Vassilev said that the EU member nation explores options for rolling out a crypto payment mechanism. Vassilev also said the government was discussing with the Bulgarian National Bank as well as the industry player to explore crypto payments in the short and medium-term. He added that Bulgaria won’t become the major hub for crypto miners as they are fleeing countries like China and Kazakhstan amid the political turmoil and internet disruptions.

The Bulgarian government could still be the one with a lot of HODLers in the world after the seizure of 213,519 BTC from the underground crime network before the 2017 bull run valued at $3.5 billion but more than $8.2 billion at the time of writing. It is unclear if the officials sold or auctioned the crypto at the time or are still holding the digital assets. As a member of the EU, Bulgaria is one of the eight countries which hasn’t adopted the euro and will not benefit from the rollout of the digital euro among the participating central banks. Back in 2021, the government and the Bulgarian National Bank Officials said they intended to adopt the EUR starting in 2024 and the EU Central Bank President Christine Lagarde even said that the digital currency could not be introduced until 2025 and later.

In 2021, the federal jury in the US found that the owner of the Bulgaria-based exchange RG Coins Rossen Iossifov is guilty of conspiracy to commit racketeering and money laundering. The national collaborated with others in a scheme that defrauded more than 900 Americans of more than $7 million and then got sentenced to ten years in as prison.

As recently reported, A Bulgarian national along with his Romanian co-conspirators was sentenced to 10 years in jail after he was caught being involved in a major crypto fraud.
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All of the participants in the fraud were charged after the multimillion-dollar scheme for defrauding over 900 Americans were exposed.